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Forex - EUR/USD weekly outlook: April 7 - 11

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Shutterstock photo - - The dollar pulled back from five-week highs against the euro on Friday after the release of data showing that the U.S. economy added slightly fewer than expected jobs in March.

EUR/USD ended Friday's session down 0.12% to 1.3703, after falling to a five-week low of 1.3673 earlier. For the week, the pair lost 0.52%.

The pair is likely to find support at 1.3673 and resistance at 1.3730, Friday's high.

The Labor Department reported Friday that the U.S. economy added 192,000 jobs in March, below expectations for jobs growth of 200,000. February's figure was revised up to 197,000 from a previously reported 175,000. The U.S. unemployment rate remained unchanged at 6.7%, compared to expectations for a tick down to 6.6%.

The data disappointed some market expectations for a more robust reading but indicated that the Federal Reserve is likely to stick to the current pace of reductions to its asset purchase program.

The shared currency remained under pressure after the European Central Bank said Thursday it would use unconventional measures if necessary to stave off the risk of deflation in the euro zone.

ECB President Mario Draghi said the governing council was "unanimous" in its commitment to using all unconventional instruments within its mandate to cope with the risk of low inflation becoming entrenched. He added that the bank discussed the possibility of negative deposit rates.

The central bank left rates on hold at a record low 0.25% at its monthly meeting, despite data earlier in the week showing that the annual rate of euro zone inflation slowed to 0.5% in March, the lowest since November 2009.

The ECB targets an inflation rate of just under 2%.

In the week ahead, markets will be focusing on Wednesday's minutes of the Fed's most recent policy setting meeting. German trade data will also be watched in data light week.

Ahead of the coming week, has compiled a list of these and other significant events likely to affect the markets. The guide skips Monday and Tuesday as there are no relevant events on these days.

Wednesday, April 9

Germany is to produce data on the trade balance, the difference in value between imports and exports.

The Federal Reserve is to publish what will be the closely watched minutes of its latest policy meeting.

Thursday, April 10

In the U.S., the Labor Department is to release its weekly report on initial jobless claims.

Friday, April 11

The U.S. is to round up the week with data on producer price inflation and the preliminary report on the University of Michigan's consumer sentiment index. offers an extensive set of professional tools for the financial markets.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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